Home Loan Applications Are On the Rise

Homebuyers and homeowners saw a rip in the ever-rising interest rate continuum last week and jumped right in. Miami home loan applications are on the rise.

Interest rates fell last week to the lowest level since November, and the seasonally adjusted mortgage volume jumped accordingly, up 7.1 percent, according to the Mortgage Bankers Association. Still, volume was 16 percent lower than the same week a year ago, when rates were lower.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less decreased to 4.14 percent, from 4.17 percent, with points increasing to 0.34 from 0.32, including the origination fee, for 80 percent loan-to-value ratio loans. As a reference point, mortgage rates jumped from 3.77 percent to 4.16 percent in the two weeks following the election of Donald Trump last November.

Loan applications to purchase a home jumped 10 percent from the previous week, seasonally adjusted, and now stand 5.5 percent higher than one year ago. Purchase volume has been decidedly weak this spring, as home prices overheat due to the tight supply of homes for sale.

The refinance market got a little boost from low rates as well last week, increasing 3 percent. Refinances are extremely rate-sensitive, and rates were below 4 percent last year. Refinance volume remains 34 percent lower than one year ago.

Miami Home Loan Mortgage Applications

Miami is no different. We’re seeing unprecedented sales in the Miami housing market. Despite the increase in housing prices, the Miami housing market remains one of the hottest in the country.

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